Dalio's fund places trades based on its (and Dalio's) view on the
global macro economy. He's one of the best at it, and arguably
THE best right now, with an incredible (15% annualized returns
since inception) track record and stunning performance that is
currently returning investors 25% in the flagship fund within his
massive $122 billion Bridgewater, the biggest hedge fund in the
world. Other hedge funds managers are returning ~15% at
best.

In other words, he's been right about the economy in the past,
and currently, he's more right than most.

Here's
how he describes the first, developed debtor nations (the U.S,
Greece, Spain, and Italy, for example):

They spent years overspending, financed by their government's
borrowing

They are in the process of deleveraging debt

As a result, they are being forced to lower their debt
relative to their income levels, constrain spending levels and
make improvements in the job market

Some are worse off than others. Greece, Spain and Italy, for
example, can’t print money to pay off their debts. To make up for
slow credit growth, they will have decade-long depressions and
debt defaults.

The U.S. is trading like a country in decline

The
second are emerging creditor countries (Brazil, India and China,
for example). Here's what's happening there:

They are leveraging up

They will account for 70% of global GDP in 15 to 20 years
versus 47% now. Read: They will be tomorrow’s economic
leaders.

Some, such as India and China, have currencies and monetary
policy linked to those in the U.S. They are experiencing
inflation because their interest rates are too low. They
will have to unlink from the U.S. or face intolerable
conditions.